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Asian shares up on China's rate cut, strong U.S. tech performance.

News Date: 26/10/2015 01:23:20
 

 Asian shares were up on Monday, boosted by an interest rate cut from China's central bank, and strong results from U.S. tech companies. Japan's Nikkei rose 0.85% to 18,984. China's Shanghai index rose 0.72%. Other indexes were more muted, with Australia's S&P\ASX up only 0.02%. Korea's KOSPI is up 0.07%. India's Nifty rose 0.05%.

 

U.S. indexes ended Friday on a lofty note, as Amazon and Alphabet (the parent company for Google) hit record highs, and Microsoft hit a 15-year high due to strong quarterly results. NASDAQ, the tech-heavy index, rose 2.27% to 5,031, not far from a record high hit in July. Investors embrace for a possible break-out when Apple reports its results this week. S&P 500 ended up 1.10% to 2,075. Dow Jones ended up 0.90% to 17,646.

 

Dollar eased a bit in early Monday trading, with the dollar index (DXY) falling 0.18% to 97. Dollar fell against Euro to 1.1034 after hitting a ten-week high earlier in the session. Against Sterling, it fell 0.17% to 1.5335. Against Yen it fell to 121.10 after hitting an eight-week high at 121.49.

 

Euro recovered slightly after its post-ECB rout last week. Against Sterling it rose from a nine-week low, trading at 0.7195. Against Yen it was up from its closing price, trading at 133.64 but still down for the day.

 

Oil prices were modestly up in Asian trading, with Brent futures for December up 5 cents, or 0.11% to $48.15. U.S. crude futures are up 16 cents, or 0.37% to $44.77 a barrel.

 

Spot gold is up $2.20, or 0.19% to $1,165 an ounce. Silver was almost flat at $15.83 an ounce. The tentative rise in commodities helped push Australian dollar up to $0.7252. Canadian dollar halted its fall, trading at C$ 1.3154 per dollar.

 

Investors will be looking closely for a raft of economic indicators released today, such as German IFO business climate survey, gauging economic sentiment in Germany. It's forecast to come at 108.1 for the current month, easing down from 108.5 last month. Beating the forecast will be bullish for the Euro zone and the common currency, specially as Germany recovers from an auto scandal relating to Volkswagen.  

 

From the U.S., a survey tracking new homes sales is released, forecast to come at an annualized 546K for September. Missing the forecast will be negative for housing stocks and the wider economy.

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